Wyniki finansowe Financial results2019 2019

PKO PolskiZ xxxxxx into zyskiemthe new w century nowe with a recordstulecie profit banku Key achievements in 2019

• Record annual profit, which for the first time in history has exceeded PLN 4 billion • Assets increased by 24 billion y/y to PLN 348 billion • High profitability maintained; ROE at 10% despite the recognition of legal risks • Rising dividend attractiveness

On track to deliver the new strategic goals of PKO Banking Platform 2020-2022

• The economy in a slowdown phase • Growth moderation may be limited by growth in private consumption • Public finance sector close to break even (according to EU ESA methodology) • Low probability of NBP interest rate hikes, despite rising inflation

2 Key achievements

3 1/4 KEY ACHIEVEMENTS Annual profit level of PLN 4 billion

+7.8%/+26.5% (1) -28.3%/+34.9% (1) 12M Quarterly net profit 4 731 net profit [PLN mn] [PLN mn]

(1) 1 361 1 286 4 031 1 009 1 229 3 741 723 723

2018 2019 4Q18 3Q19 4Q19 0 Impact of legal risk Annual profit at a record level of PLN 4 billion despite the recognition of legal risks

(1) Change without taking into account the impact on net profit: • legal risk of mortgage loans: in the entire 2019 (PLN -451 million), in 4Q19 (PLN -446 million); • potential refund of commissions for an early repayment of retail loans: in 2019 in 2019 (PLN -305 million gross), in 3Q19 (PLN -69 million gross), in 4Q19 (PLN -236 million gross), 4 net of tax in 2019 (PLN -249 million), in 3Q19 (PLN -57 million) and in 4Q19 (PLN -192 million). KEY ACHIEVEMENTS Net profit evolution over the last 5 years

12M net profit [PLN bn]

4.0 3.7

3.1 2.9 2.6

2015 2016 2017 2018 2019

5 KEY ACHIEVEMENTS Selected indicators over the last 5 years

12M ROE 12M Cost / Income [%] [%] 56.6 10.0 10.0 47.4 46.0 44.2 41.9 9.0 9.1 9.0

2015 2016 2017 2018 2019 2015 2016 2017 2018 2019

12M Cost of risk Dividend payout rate [%] [%] 88.9 0.72 0.75 0.71 0.59 0.47 49.9

24.8

No dividend paid

2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 6 Considered by the Board KEY ACHIEVEMENTS PKO Banking Platform 2020-2022 Strategic financial targets

2017 2018 2019 Strategic goals 2022

(1) ROE 9.0% 10.0% 10.0% 12.0%

C/I 46.0% 44.2% 41.9% ~41%

COST OF CREDIT RISK 0.71% 0.59% 0.47% 0.60%-0.75%

NET PROFIT PLN 3.1 bn PLN 3.7 bn PLN 4.0 bn > PLN 5 bn

TCR: 17.4% TCR: 18.9% TCR: 18.4% Ability to pay EQUITY dividends CET1: 16.5% CET1: 17.5% CET1: 17.2%

(1) Return on tangible equity (adjusted for goodwill and intangibles): 10.9% in 4Q19, -0.1 p.p. y/y.

7 KEY ACHIEVEMENTS The strategy of PKO Bank Polski: PKO Banking Platform based on four pillars

1. Mobile, connected, personal 4 4. Shaping competencies of the future

Digital banking model leveraging advanced Motivated and committed Team with analytics to provide personalized experience competences tailored to new business in Clients’ everyday moments. challenges, working in agile methodology, using best in class technologies.

2. Open, innovative

Leveraging open banking opportunities, strategic partnerships and cloud solutions 3. Digital and efficient 3 Cyfrowy i sprawny to offer innovative services to Clients.

Digital and automated processes with minimal manual handling requirements, no paper, no signature, fast and secure 8 Bank in the cloud. KEY ACHIEVEMENTS The best mobile banking app in the world and an ecosystem of value-added services

Number of IKO applications Number of active mobile Cash loan (E2E) and number of transactions (1) Push banking users 5.0[mn] [mn] notifications 4.2 4.0 1.00 4.0 Travel insurance 4.0 57.5 3.3 0.80 3.1 56.2 3.0 3.0 2.2 46.6 37.5 2.0 0.60 E-Currency 2.0 0.65 1.6 1.6 2.0 Exchange 28.8 0.40 payments 17.5 0.43 1.0 1.0 0.37 0.33 0.27 0.20 0.0 -2.5 0.0 0.00 4Q18 3Q19 4Q19 Bank 2 Bank 3 Bank 4 Bank 5 Active mobile apps IKO Number of trans. y/y growth Transport and parking fares Multicurrency debit card 4.8/5 average customer rating in app stores Mobile Market place for authorization vehicle insurance

Strategy aimes at providing clients with a comprehensive service through our IKO app and increasing the number of IKO applications to 5 million

9 (1) According to PRNews data for 3Q19, users who have logged in at least once a month from a mobile device (mobile application, lite version or full transactional service). READY FOR THE FUTURE Our road to the Cloud

2018 2019 2020 2020-2022

Road to the Cloud Bank in the Cloud

Hybrid multi-cloud architecture

Public Domestic Cloud Service Cloud Provider Services Test 10 ths. VDI Further extension of environments in Cloud global partnerships „Multicloud” Public in Cloud model Cloud Service Provider

Creation of Partnership with Domestic Cloud Google – region in Cloud Migration Strategy Bank Key PKO BP solutions Provider with BCG, focused on Data in the Cloud business value Center

Priority areas: • Digital channels • Analytics and AI/ML 10 • Core banking Business activity

11 2/4 BUSINESS ACTIVITY Dynamic growth of scale of business operations

Gross customer financing (1) Customer savings (2) [PLN bn] [PLN bn] +5.8% +8.2% +0.1% +3.2% 303.5 313.2 289.5 288.6 290.5 252.3 252.5 238.7 241.2 246.3

4Q18 1Q19 2Q19 3Q19 4Q19 4Q18 1Q19 2Q19 3Q19 4Q19 Gross customer financing (1) Customer savings (2) Mortgages in PLN [PLN bn] 40% [PLN bn] 80% 232.8 89.7

30% 60% 74.0 Individuals

Corporate customer financing

20% 40% Share in the portfolio the in Share

SMEs portfolio the in Share 33.2 31.1 Corporates 24.5 10% 20% Consumer loans 49.9 SMEs Mortgages in FX 30.5

-10% -5% 0% 5% 10% 15% 20% -15% -10% -5% 0% 5% 10% 15% 20% Volume growth (y/y) Volume growth (y/y) 12 (1) Includes loans, corporate and municipal bonds, leasing and factoring (but excludes repo transactions). (2) Includes deposits, TFI (mutual funds) assets and treasury savings bonds. BUSINESS ACTIVITY Households: PKO BP Group is leading the retail savings and investment market

Deposits 1 541 Employee Pension Plans (PPK) signed [PLN bn] +12.3% with PKO TFI (market leader with a 40% share) +3.5% 1.1 million employees of 1 541 large firms joined PPK with PKO TFI. 174.1 Customers include e.g. Allegro, Leroy Merlin Polska, T-mobile, Play, 168.2 164.0 Jeronimo Martins Polska, Lidl Polska and ZA Puławy. 161.0 155.1 New features in online FX exchange

4Q18 1Q19 2Q19 3Q19 4Q19 Customers can use currency exchange orders when the exchange rate reaches a predetermined level, and set a standing (1) Mutual funds’ AuM order. Since the launch of the online currency exchange in [PLN bn] January 2018, customers have made over 3 million transactions -4.2% – of which 63 percent were executed via the IKO mobile app. -0.3% 35.0 33.5 33.2 32.8 32.2 32.1 30.0

30.0 25.0 Increase in savings invested in State Treasury bonds 25.0 20.0 At the end of 2019, retail customers invested PLN 26.6 billion 20.0 21.5 21.2 20.7 20.1 19.5 (+39% y/y) in State Treasury savings bonds. The attractiveness 15.0 15.0 of the Treasury’s offer led to preference of this form of savings 10.0 10.0 by customers at the expense of mutual funds. 4Q18 1Q19 2Q19 3Q19 4Q19 Mutual funds’ AuM Market share (%) 13 (1) Non-dedicated assets. BUSINESS ACTIVITY Households: growth in PLN mortgage and consumer loans

Consumer and mortgage loans Paperless signature in branches on a touch screen Confirmation of cash deposits and withdrawals as well as transfer New sales +2.7% orders by signature on a touch screen already available in 56 bank [PLN bn] -13.8% branches – and will become 500 by the end of June 2020. 8.7 7.3 7.5 4.2 PKO Bank Polski and two other jointly 3.8 3.5 invested in Polish fintech Autenti PLN mortgage 3.5 4.5 4.0 The investment will accelerate digitization of banks by implementing Consumer e-signature. According to forecasts, in 2023 the global market for 4Q18 3Q19 4Q19 electronic signatures will be worth USD 5.5 billion, i.e. in 5 years it will increase by more than 1/3 (36.7%). The banking sector has the greatest potential to benefit from such digital document circulation. Volume outstanding (1) [PLN bn] 26.2 24.5 26.5 Transport and parking fare payment in IKO app 2 042 thousand transport tickets sold for PLN 5.8 million since the 89.7 82.0 87.9 launch of the service. Parking fare payment service in IKO used by FX mortgage 8.5 thousand users which made over 25 thousand transactions. PLN mortgage 30.5 31.1 Consumer 28.2 4Q18 3Q19 4Q19 14 BUSINESS ACTIVITY Small & medium enterprises: increase in financing and savings

New PKO Leasing Strategy: digitization and Car Deposits [PLN bn] Platform +13.8% +7.4% The strategy assumes: standardization, digitization, robotization and increasing market share to nearly 17 percent by the end of 30.5 26.8 28.4 2022, an online car distribution platform will be created and integrated with the digital channels of PKO Bank Polski.

Cloud disk 4Q18 3Q19 4Q19 The Bank piloted the Cloud drive, which allows you to store files (documents, photos, etc.) on an online disk and have an unlimited online access to them from your computer, smartphone or tablet. Gross customer financing +6.8% [PLN bn] -1.2% 33.6 31.1 33.2 In iPKO biznes, you can check if the contractor is

11.2 12.9 13.0 on the white list of VAT taxpayers Financial leasing The one-click service is available free of charge on the iPKO 19.9 20.7 20.2 Loans biznes website when you create: one-off transfers, split payments, transfer packages and standing orders. 4Q18 3Q19 4Q19 15 BUSINESS ACTIVITY Corporate and : increase in customer financing amid deposit base optimization

Deposits -9.4% [PLN bn] -1.4% PKO Bank Polski has strengthened its leadership 55.1 50.6 49.9 position in serving corporate clients:

• increased the scale of customer financing by PLN 2.9 billion y/y and market share, • acquired approx. 0.5 thousand new customers – currently serves over 15.1 thousand corporate clients and budgetary 4Q18 3Q19 4Q19 units, including 170 of the largest capital groups of the Polish economy, Gross customer +4.4% financing -0.2% • systematically increases the offer and sale of transactional [PLN bn] 70.8 74.1 74.0 banking products – in 2019 the share of non-credit revenues 5.8 6.4 6.5 reached 47%. Leasing and 15.6 15.4 14.9 factoring Bonds: corporate 52.3 52.5 Bilateral financing of and municipal 49.4 Corporate Bond Issue warehouse spaces and Syndicated Loan Syndicated Loan distribution centers with a Loans 160 000 000 PLN Syndicated Loan Syndicated Loan total area of 353,000 m2 382 500 000 EUR 108 505 000 EUR Organizer, Dealer, 166 877 000 PLN (3 locations) for the total 500 000 000 USD Pierwotny Kredytodawca, Lender, Loan Agent, Technical Agent, Kredytodawca, Agent amount: Original Lender, Organizer Organizator 4Q18 3Q19 4Q19 Agent Calculation Agent, Market Kredytu, Agent 142 000 000 EUR Animator Zabezpieczeń Lender

Corporate Bond Closed deposits and Issuance Corporate Bond Syndicated syndicated Corporate Bond Issue Investment Loan withdrawals service Syndicated Loan 1 000 000 000 PLN Corporate Bond Issuance loan in the ESG-linked Syndicated Loan covering over 500 stores – construction of the Issuance 750 000 000 PLN formula 2 000 000 000 PLN 120 000 000 PLN Investment and working Unit office bld Consortium Loan Co-Lead Manager, 300 000 000 PLN Lead Manager, Dealer, 10 000 000 000 PLN Program Agent, Organizer, capital financing 2 000 000 000 PLN Co-Book Runner, Lead Manager, Dealer Calculation Agent, 2 000 000 000 PLN Original Lender, Organizer 16 Dealer, Documentary Agent Lender 412 000 000 PLN 135 932 000 EUR Lender Consortium Member Document Agent Original Lender, Organizer Lender Lender, Loan Agent Financial results

17 3/4 FINANCIAL RESULTS Executive summary

Annual net profit has exceeded PLN 4 bilion for the first time in history

Profitability maintained at a high, double-digit level (ROE 10%)

High cost efficiency (C/I decreased to 41.9%)

Consistent decline in cost of risk (0.47%), significantly below the strategically-defined level

Further increase in scale, total assets amount to PLN 348 billion 18 FINANCIAL RESULTS Further improvement of revenues despite recognition of legal risks

Result on business activity Quarterly result on business activity [PLN mn] [PLN mn] +10.0%

14 670 +8.3% +1.8% 13 339 +37.0% 1 344 (3) 981 (1) (2) 3 047 3 739 3 685 3 752 3 013 +1.1% 3 466 3 494

Other income 10 279 9 345 +10.0% Net F&C income

Net interest income

2018 2019 4Q18 1Q19 2Q19 3Q19 4Q19

(1) The result on banking operations in 2Q19 was influenced by: badwill of PCM (+ PLN 80 million) and reversal of provision for durable medium (PLN +58 million), included in other income. (2) The result on banking operations in 3Q19 was influenced by the creation of a provision for commission return for an early repayment of retail loans (PLN -69 million), lowering the other income. (3) In 4Q19, the following factors had an impact: final badwill recognition from PCM (PLN +22 million) and PSP valuation (PLN +57 million), recognition of commission returns for an early repayment of retail loans (PLN -236 million, of which PLN -58 million in other net operating income and expenses). 19 FINANCIAL RESULTS High level of net interest income

Quarterly NII [PLN mn] Quarterly NIM +5.8% -1.4% NII +10.0% [%] (2) [PLN mn] (1) 2 662 2 624 2 700 2 480 2 538 9.00 NIM 4.10 2 455 2 500 7.00 10 279 [%] 10 500 2 300 5.00 3.90 9 345 2 100 3.00 1 900 3.48 3.42 3.43 3.47 3.32 1.00 3.70 8 500 Net interest1 700 income -1.00 NIM 1 500 -3.00 3.50 (2) 4Q18 1Q19 2Q19 3Q19 4Q19 6 500 3.41 3.41 3.30 Average loan 4.5and 4 500 3.10 deposit yield 4.0(3) 3.5 Net interest income 2.90 [%] 3.0 2 500 2.5 (4) 4.41 4.42 4.44 4.50 4.30 NIM 12M 2.70 2.0 1.5 500 2.50 1.0 0.5 2018 2019 0.69 0.68 0.65 0.63 0.61 0.0 4Q18 1Q19 2Q19 3Q19 4Q19

Average interest rate on loans 3M Average interest rate on deposits 3M (1) After non-standard transaction adjustments, quarterly NII in 4Q18 would amount to PLN 2 450 million and quarterly NIM stand at 3.44%. (2) After adjusting for the effect of creating a provision for partial reimbursement of commission for an early repayment of retail loans, the interest result would be PLN 2 802 million, and the interest margin in Q419 would be 3.55% (other non-standard transactions account for PLN 42 million, i.e. 5 bps). (3) 20 Quarterly average loan and deposit yield. (4) After adjusting for the return of part of the commission for an early repayment of retail loans, the average interest rate on loans in Q419 would stand at 4.59%. FINANCIAL RESULTS Improvement in net fee and commission result

Net F&C Quarterly net F&C [PLN mn] [PLN mn]

+1,1% 0,0% +0,1%

3 047 3 013 771 746 760 770 771 -11.1% 706 173 176 794 186 188 169 Mutual funds & brokerage +13.8% 866 208 223 213 226 761 Mutual funds & brokerage 204 Loans & insurance 530 +6.6% 565 Loans & insurance 134 126 145 155 139 Cards and digital payments Cards and digital payments 928 -1.9% 910 243 228 223 229 230 Customer accounts & other Customer accounts & other 2018 2019 4Q18 1Q19 2Q19 3Q19 4Q19

• Growth of loans and insurance, mainly business, leasing and credit-related insurance • Increase in card fees due to growth in the number of active cards and higher transactionality • A drop in commissions related to the capital market, including the impact of regulatory changes 21 FINANCIAL RESULTS Strong cost discipline

Operating expenses Quarterly operating expenses [PLN mn] +4.3% [PLN mn] +7.2% +5.5% 5 897 6 148 1 685 575 -6.6% 537 1 551 1 447 1 442 1 470 60 2 396 96 359 59 Regulatory costs(1) 2 299 +4.2% 59 Regulatory costs

Overheads 1 351 1 326 1 383 1 411 1 491 and depreciation 3 023 +6.4% 3 215 Operating costs Personnel expenses

2018 2019 4Q18 1Q19 2Q19 3Q19 4Q19 Cost / Income Quarterly C/I ratio -2.3 p.p. 12M [%] -0.4 p.p. +1.4 p.p. [%] 44.2 48.2 41.7 39.9 41.3 41.9 38.6

2018 2019 4Q18 1Q19 2Q19 3Q19 4Q19

Significant improvement in efficiency, further drop in the C/I ratio

(1) Regulatory costs include: Banking Guarantee Fund, FSA, levies and administrative charges. Increase in BFG contributions by PLN 82 million y/y (increase in the payment for the restructuring fund by PLN 181 million y/y). Decrease in the costs of withholding tax by PLN 130 million y/y. Fees to Polish FSA rose by PLN 13 million y/y. 22 FINANCIAL RESULTS Cost of risk (0.47%) below the strategically-defined level

Net impairment allowance Quarterly net impairment allowance [PLN mn] [PLN mn]

-13.1%

1 451

149 1 261

163 -24.2% -22.5% +6.5% 607 600 1.94 470 500 413 (1) Other 1.44 400 133 -47.5% 332 322 313 (2) Corporate financing 70 294 300 0.94 Mortgage financing 562 200 558 0.44 -0.7% 0.59 0.57 Consumer financing 100 0.55 0.51 0.47 0 -0.06 2018 2019 4Q18 1Q19 2Q19 3Q19 4Q19 Net impairment allowance Cost of risk 12M %

(1) The result on impairment allowance in 4Q18 was affected by write-downs of equity holdings (in the amount of approx. PLN 40-50 million). (2) Goodwill write-off on PTE (ca. PLN 51 million) contributed to worsening of the other allowance in 4Q19. The 12M cost of risk would stand at 0.48%, taking into account the portfolio 23 of loans measured at fair value through P&L.. FINANCIAL RESULTS Capital ratios above regulatory requirements

Capital requirements (T1) Total capital ratio (TCR) [%] [%]

ST buffer ST buffer (1) (1) 0.10 p.p. 0.10 p.p. 18.42 17.16 +2.07 p.p(4). 16.25 16.35 +2.90 p.p. 14.16 14.26 14.75 12.66

Minimum Criterion for Criterion for PKO Bank Polski Minimum Criterion for Criterion for PKO Bank Polski regulatory capital dividend payment dividend payment Group regulatory capital dividend payment dividend payment Group ratios(2) up to 25% (3) up to 50%(3) ratios (2) up to 25% (3) up to 50%(3)

The Management Board is considering paying out undistributed profit from 2018 and half of 2019 profit in dividend

(1) Polish FSA’s additional buffer for the Bank's sensitivity to the adverse macroeconomic scenario. Previously the level of buffer was 0.66 p.p. (2) T1: CRR 6% + systemic risk buffer 2.88% + conservation buffer 2.5% + OSII buffer 1% + countercyclical buffer 0.01% + FX buffer for the Group 0.27% TCR: CRR 8% + systemic risk buffer 2.88% + conservation buffer 2.5% + OSII buffer 1% + countercyclical buffer 0.01% + FX buffer for the Group 0.36% (3) Having considered dividend payment adjustments for the following criteria: K1 - share of the foreign currency mortgages for households in total receivables from non-financial sector (4Q19: 13.09 %; -0.96 p.p. q/q; -1.76 p.p. y/y) – adjustment by -20 p.p. (for >10% share), 24 K2 - share of the foreign currency mortgage granted in 2007/08 in total portfolio of foreign currency mortgages in PKO Bank Polski (4Q19: 45.53 %; -0.45 p.p. q/q; +0.15 p.p. y/y) - adjustment by -30 p.p. (for >20% share if K1>5%). (4) Own funds above the dividend criteria (surplus capital stands at PLN 4.4 bn). Record net profit for 2019 at PLN 4 billion despite legal risks

PKO Bank Polski into the new The Bank is on the path to achieving the new strategic century with a goals of PKO Banking Platform 2020-22 record profit

The Management Board is considering paying out undistributed profit from 2018 and half of 2019 profit in dividend

25 Supplementary information, including macroeconomic backdrop

26 4/4 MACROECONOMIC BACKDROP Moderate economic slowdown

GDP growth to re-accelerate in 2020 Public investments become a drag Strong fiscal position means there is room following weak year-end of 2019 on economic growth for stimulus if needed 40 10 60 6 % GDP pp. %, y/y % GDP 9 Public debt (R) 58 5 30 General government deficit (L) 8 56 4 20 7 54 3 10 2 6 52 1 0 5 50 4 48 0 -10 -1 3 46 -20 -2 2 44 -3 -30 1 42 Public investments Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Net exports Inventories -40 0 40 Gross fixed capital formation Public consumption Mar-09 Mar-11 Mar-13 Mar-15 Mar-17 Mar-19 Mar-06 Mar-09 Mar-12 Mar-15 Mar-18 Private consumption GDP (% y/y) Source: GUS, PKO Bank Polski Source: GUS, NBP, PKO Bank Polski Source: Eurostat, PKO Bank Polski

• Poland has been resilient to a global downturn for better part of 2019 but the final quarter of the year saw significant GDP growth slowdown and full-year growth was 4.0% versus 5.1% in 2018. The scale of further slowdown in 2020 will be limited by social transfers and possible strengthening of the overall wage growth (the minimum wage hike) as well as some improvement in external conditions with survey data heralding a recovery in the euro area. Factors supportive for the Polish economy during the global downturn include: 1) no build-up of imbalances during the economic boom, 2) high degree of diversification of the export sector and the whole industry, 3) expansion of the services sector and 4) relative decline in unit labour costs (increased competitiveness) in recent years. • Apart from external headwinds, declining investment activity in the public sector is also a drag on the Polish economy, as the ongoing EU multi-year financial framework entered its final phase. The lower investment activity of the public sector is accompanied by the reduction of investment plans by the corporate sector, which altogether indicates a moderate decline in total investments in 2020. • Fiscal position remains strong with fiscal balance in 2019 flirting with zero. In 3q19 alone, the fiscal deficit was a mere 0.02% of GDP (on a 4-quarter rolling basis). Public debt to GDP ratio kept declining (47.4% at the end of 3q19 versus 48.9% at the end of 2018). The improved situation of public finance in recent years creates a buffer 27 for a possible more active fiscal policy in the scenario of a prolonged economic slowdown. MACROECONOMIC BACKDROP Inflation up, but not for long

The underlying wage pressure weakens, but wage Cost-push inflation fuels prices of services Demand-driven inflation at moderate level growth will rebound on minimum wage hikes 25 7 3 % y/y %, y/y %, y/y 6 Super core HICP* 20 Forecast Services 2 5 Minimum wage Goods 15 Average wage 4 1 10 3

2 0 5 1

0 0 -1 2006 2009 2012 2015 2018 2021 2024 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19 Jan-02 Jan-05 Jan-08 Jan-11 Jan-14 Jan-17

Source: GUS, PKO Bank Polski Source: GUS, PKO Bank Polski Source: Eurostat, PKO Bank Polski. *HICP inflation excluding food, fuel, energy, administered prices, passenger transport, social care and pharmaceuticals.

• Wage pressure in 2019 was strong but has not mounted further. Despite some signals of weakening labour demand, wage growth will most likely accelerate in 2020 due to a large rise in the national minimum wage. This means an additional pro-consumption impulse, an intensification of the cost pressure on services’ prices (and to a lesser extent on prices of goods) and an increase in the tax base at the same time. • The inflationary impact of a tightening labour market increasingly materialized in 2019. In December, CPI inflation approached the upper limit of the NBP target (2.50% +/- 1%). Higher inflation resulted not only from the core inflation, but also from exogenous factors (food prices in particular). In 2020, regulated prices will become an additional inflationary factor. In 1Q20, CPI inflation may temporarily exceed 4.0% y/y. Later on, GDP growth slowdown and a gradual narrowing of the positive output gap will lead to a decline in CPI inflation towards 3.0% at the end of 2020. • Despite rising inflation, the probability of NBP rate hikes remains relatively low. The Monetary Policy Council is focused on fostering economic growth while most of its members consider an increase in inflation at the turn of 2019/2020 to be temporary. At the same time, arguments related to stability of the financial sector (and the 28 real estate market), as well as medium-term economic growth and inflation prospects make a strong case against rate cuts in the foreseeable future. MACROECONOMIC BACKDROP Macroeconomic forecasts

2015 2016 2017 2018 2019 2020P Deposits growth (FX adjusted) GDP % y/y 3.8 3.1 4.9 5.1 4.0 3.7 12 %, y/y 9.8 Consumption % y/y 3.0 3.9 4.5 4.3 3.9 3.7 10 9.3 9.3 8.2 8 Investments % y/y 6.1 -8.2 4.0 8.9 7.8 -0.9 8.2 7.6 Total 7.2 6 5.6 1) Fiscal deficit % GDP -2.7 -2.2 -1.5 -0.2 -0.9 0.0 Enterprises 4 Private individuals 1) Public debt % GDP 51.3 54.2 50.6 48.9 46.9 43.9 2 2.2

% 0 CPI inflation -0.9 -0.6 2.0 1.6 2.3 3.5 2013 2014 2015 2016 2017 2018 2019 2020F Loans growth (FX adjusted)

LFS unemployment rate % 7.5 6.2 4.9 3.8 3.4 3.2 20 %, y/y 16 12.2 11.6 12.3 NBP reference rate % eop 1.50 1.50 1.50 1.50 1.50 1.50 Total 12 8.3 8.5 8.1 Enterprises 8 7.4 % eop 5.0 WIBOR 3M 1.73 1.73 1.72 1.72 1.71 1.70 4.7 Consumer 4 6.2 0 2.7 2.2 EUR/PLN PLN eop 4.26 4.42 4.17 4.30 4.26 4.35 Residential Mortgages (PLN) -4 Residential PLN eop Mortgages (FX) -8 USD/PLN 3.90 4.18 3.48 3.76 3.80 3.99 -7.7 -7.6 -8.0 -12 2013 2014 2015 2016 2017 2018 2019 2020F Source: Statistics Poland, Ministry of Finance, National , PKO Bank Polski forecasts 29 1) In ESA2010 terms SUPPLEMENTARY INFORMATION PKO Bank Polski - undisputed leader of the Polish banking sector

Number of current accounts Number of corporate customers with of individuals access to e-banking [ths] [ths] +36.2% 0.49 mn SME customers +113.1% 12.6 13.0 8 012 10.1 7 034 7 697 1.12k Branches 8.7 9.6 5 883 6 006 6 391 6.1

2010 2012 2014 2016 2018 2019 2010 2012 2014 2016 2018 2019 Group 27.7k 10.9 mn Retail segment customers employment (incl. SMEs) The share of PKO Securities Number of ATMs in trading on the secondary [ths] +29.2% stock market 3.1k ATMs +1.8p.p. 3.1 3.2 3.1 3.1 2.4 2.8 8.9% 8.5% 7.8% 7.6% 6.9% 5.1% 0.54k Agencies Corporate and 15.8k investment segment customers 2010 2012 2014 2016 2018 2019 2010 2012 2014 2016 2018 2019 Number of retail agencies and branches Mobile apps Investment Funds – AuM [ths] [mn] [PLN bn] -45.2% 42x 3.5x 35.6 3.1 4.2 33.9 2.4 2.3 2.1 3.1 19.7 1.7 1.7 2.1 17.0 1.0 9.7 10.1 0.1 0.2 0.4

2010 2012 2014 2016 2018 2019 2013 2014 2015 2016 2017 2018 2019 2010 2012 2014 2016 2018 2019 30 SUPPLEMENTARY INFORMATION Improvement of the structure of loans and deposits while maintaining high liquidity

Currency structure of gross loans portfolio

93.5% 91.5% 91.8% 18.9% 19.3% 18.7% 19.6% 18.2% 20.7% 88.5% 89.6%

82.3% 80.5% 80.5% 78.3% 79.0%

81.1% 80.7% 81.3% 80.4% 81.8% 79.3%

4Q18 1Q19 2Q19 3Q19 4Q19

Net loans/deposits 4Q18 1Q19 2Q19 3Q19 4Q19 Banking sector Net loans/stable sources of funding (2) PLN FX 2019

(1) LCR and NSFR ratio Term structure of total deposits 146% 132% 118% 123% 36.9% 35.9% 33.0% 32.3% 30.7% 30.4%

100% - level for LCR from 2018 63.1% 64.1% 67.0% 67.7% 69.3% 69.6%

4Q18 1Q19 2Q19 3Q19 4Q19 Banking sector Liquidity Coverage Ratio Net Stable Funding Ratio 2019 (LCR) (NSFR) current+O/N term+other 2018 2019

(1) Amounts due to customers. 31 (2) Amounts due to customers and long-term external funding in the form of: covered bonds, securitization, senior unsecured bonds, subordinated debt; and amounts due to financial institutions. SUPPLEMENTARY INFORMATION Customer financing portfolio quality – segments

Share of customer financing with recognized impairment Coverage of customer financing with recognised impairment [%] by impairment allowances [%]

4.9 4.6 (1) (2) 4.5 4.3 4.1 97.3 98.3 97.9 97.8 98.8 92.6 (2) 1.4 1.4 Other 1.3 1.3 1.3 74.0 76.2 74.4 financing 63.5 66.1 63.5 3.5 3.2 3.2 3.0 Financing 2.8 past due over 90 days 4Q18 1Q19 2Q19 3Q19 4Q19 4Q18 3Q19 4Q19

Total Corporate Mortgage Consumer Share of customer financing with recognized impairment Cost of credit risk over the last 12M 226 [%] [bps] 210 217

8.1 6.6 7.0 6.7 5.9 59 69 4.9 5.4 51 46 47 49 4.3 4.1 13 12 6 1.7 1.7 1.6

4Q18 3Q19 4Q19 4Q18 3Q19 4Q19 Total Corporate Mortgage Consumer Total Corporate Mortgage Consumer

32 (1) Reclassification of approx. 9 billion loans to Not-held-for-trading category (including impaired in the amount of PLN 824 million) reduced the ratio by 0.2 p.p. The above reclassification lowered the coverage ratio by 1.2 p.p. (2) NPL ratio improvement by 0.3 p.p. due to the sale of receivables and off-balance sheet exposures. SUPPLEMENTARY INFORMATION Gross mortgage loans

Volume of FX mortgage loans Volume of CHF mortgage loans [PLN bn] (1) [CHF bn] (2)

108.5 109.8 111.1 114.1 114.2 13% -8.1% -1.7% 100.0 24.5 12% 26.5 26.2 25.5 26.2 11% 80.0 6.2 6.1 87.9 89.7 10% 6.0 82.0 83.6 85.7 5.8 5.7 60.0 9% 40.0 8% 8.2% 7% 20.0 8.0% 7.7% 7.7% 7.0% 6% 0.0 5% 4Q18 1Q19 2Q19 3Q19 4Q19 4Q18 1Q19 2Q19 3Q19 4Q19 PLN FX FX share in total assets

Average carrying value of mortgage loan Average LTV [PLN ths] (1) 73% 73% 73% 74% 73%

194 194 191 199 192 161153 162154 163 156 166 158 166160 60% 59% 57% 57% 55%

4Q18 1Q19 2Q19 3Q19 4Q19 4Q18 1Q19 2Q19 3Q19 4Q19 Current average LTV of loans portfolio (eop) Total PLN FX Average LTV of new sales

(1) Includes data of PKO Bank Polski and PKO Mortgage Bank. The impact of the zloty depreciation on mortgage loans was PLN +1.7 billion y/y and PLN 1.2 billion q/q. 33 (2) The volume of housing loans in EUR: 3Q18 752.2 mn, 4Q18 736.1 mn, 1Q19 719.3 mn, 2Q19 701.6 mn, 3Q19 684.5 mn, 4Q19 665.72 mn. SUPPLEMENTARY INFORMATION Impact of legal risk of foreign currency mortgages and an early repayment of retail loans

Legal risk of foreign currency mortgage loans Early repayment of retail loans

PLN 451 million of impact in 2019 included: The impact of partial commission returns to customers for an early repayment of active retail loans was PLN 305 million (3Q19: PLN 69 million, 4Q19: • provision for potential litigation in the amount of PLN 29 million for the PLN 236 million) and included: already-repaid loans, • decrease in the gross balance-sheet value of FX mortgage loans by PLN 281 • reduction of interest income on loans and advances to customers by PLN 178 million for the existing portfolio, reflecting a change in the estimated future million due to provision for potential refund of fees to customers for early cash flows arising from contracts, repayment of active consumer and mortgage loans in 4Q19, • reduction of the gross balance-sheet value of mortgage loans by PLN 141 • provision for partial refunds of commissions for prepayments during 2011-2019 million due to ongoing court cases. At the end of 2019, 1 645 court included in other operating costs in the amount of PLN 127 million (3Q19: PLN proceedings were pending at a total value of PLN 392 million. 69 million, 4Q19: PLN 58 million).

From 1Q20, the Bank expects a lower quarterly net interest income by approximately PLN 50-60 million due to an automatic refund of commissions Sensitivity analysis of legal risk models of FX mortgage loans on prepaid retail loans (compared to 3Q19, pre-ECJ ruling period).

Parameter Scenario Impact on legal risk loss

+20% PLN +62 mn Number of suits -20% PLN -62 mn

+1Y PLN +115 mn Forecast horizon -1Y PLN -106 mn 34 SUPPLEMENTARY INFORMATION Impact of the spread of coronavirus

Impact of the spread of coronavirus, announcement of epidemic in the territory of the Republic of Poland and decisions of the monetary policy council and Ministry of Finance on the activities of the PKO Bank Polski Group

The PKO Bank Polski Group maintains operational continuity, also in the area of customer service in the branch network and remote channels. The Group notes the increased use of remote channels by customers. A significant proportion of the Group's employees perform their duties remotely.

• The Group maintains a good liquidity and capital position. The Bank estimates that the activities of the in the area of purchasing Treasury bonds, promissory note loan and repo operations will additionally strengthen Group’s liquidity position.

• Due to the negative impact of coronavirus on business activity, the Bank expects a reduced customer activity, deterioration in financial standing and lower sales of financial products. The Group alleviates the situation of some clients, including through a suspension offer for 3-6 months for debt service. The Bank expects increased risk costs, the scale of which is currently difficult to estimate reliably.

• The decision of the Monetary Policy Council to lower interest rates and change in the minimum reserve requirement will have a negative impact on the Group's net result at the level of PLN 75 - 100 million quarterly. This impact will materialize gradually in the following quarters. In turn, the decision of the Ministry of Finance to reset the systemic risk buffer results in a 2.9 p.p. reduction of capital requirements at the consolidated level.

• The weakening of the zloty may negatively affect the cost of legal risk of currency housing loans, while the scale of this impact is currently difficult to estimate reliably.

PKO Bank Polski will update the above information in the report for the first quarter of 2020.

35 SUPPLEMENTARY INFORMATION Capital adequacy

Consolidated TCR change (r/r) Consolidated TCR change (q/q)

-0.46 p.p. +0.41 p.p.

+0.87 p.p. +0.08 p.p.

-0.21 p.p. 18.88% +0.49 p.p. 18.42% 18.42% +0.02 p.p. -0.05 p.p. -1.07 p.p. 18.01% -0.03 p.p. -0.14 p.p.

4Q18 retained profits changechange of IFRS otherother changes iincreasencrease in other 4Q19 3Q19 interim profits increaseincrease in increaseincrease in other 4Q19 9of correction IFRS9 changesin capitals RWAin RWA due to 1H19 inintangible intangible RWAin RWA due due to correction in capitals duecreditto creditrisk assetsassets creditcredit risk Leverage ratio risk Effective risk weight (1)

-0.37 p.p. -1.10 p.p.

10.44% 10.41% 49.72% 50.45% 49.60% 10.26% 10.05% 10.07% 49.36% 48.62%

4Q18 1Q19 2Q19 3Q19 4Q19 4Q18 1Q19 2Q19 3Q19 4Q19 36 (1) Proportion of risk-weighted assets to credit and counterparty credit risk net exposure. SUPPLEMENTARY INFORMATION Key financial data

2019 2018 y/y 4Q19 3Q19 q/q

Net interest income 10 279 9 345 +10.0% 2 624 2 662 -1.4%

Net F&C income 3 047 3 013 +1.1% 771 770 +0.1%

Result on business activity 14 670 13 339 +10.0% 3 752 3 685 +1.8%

Administrative expenses -6 148 -5 897 +4.3% -1 551 -1 470 +5.5%

Net impairment allowance -1 261 -1 451 -13.1% -313 -294 +6.5% Profit and loss [PLN mn] Cost of credit risk of FX mortgages -451 - - -446 - -

Bank tax -1 022 -950 +7.6% -258 -261 -1.1%

Profit before income tax 5 819 5 078 +14.6% 1 187 1 669 -28.9%

Income tax -1 787 -1 336 +33.8% -463 -440 +5.2%

Net profit 4 031 3 741 +7.8% 723 1 229 -41.2%

Assets 348.0 324.3 +7.3% 348.0 341.6 +1.9%

Customer financing 245.3 230.4 +6.5% 245.3 244.6 +0.3% Balance sheet [PLN bn] Amounts due to customers 258.2 242.8 +6.3% 258.2 251.3 +2.8%

Stable financial resources 292.8 274.4 +6.7% 292.8 286.6 +2.2%

Total equity 41.6 39.1 +6.3% 41.6 41.0 +1.3% 37 SUPPLEMENTARY INFORMATION Key ratios

4Q19 4Q18 y/y 3Q19 q/q

ROE net 10.0 10.0 0.0 p.p. 10.9 -0.9 p.p. ROTE net 10.9 11.0 -0.1 p.p. 11.9 -1.0 p.p. Key financial ratios ROA net 1.2 1.2 0.0 p.p. 1.3 -0.1 p.p. [%] C/I 41.9 44.2 -2.3 p.p. 42.0 -0.1 p.p. NIM (1) 3.41 3.41 0.00 p.p. 3.45 -0.04 p.p.

NPL ratio 4.1 4.9 -0.8 p.p. 4.3 -0.2 p.p. Loan portfolio quality Coverage ratio 74.4 74.0 +0.4 p.p. 76.2 -1.8 p.p. [%] Cost of risk 0.47 0.59 -12 bps 0.51 -4 bps

Capital position TCR 18.4 18.9 -0.5 p.p. 18.0 +0.4 p.p. [%] Tier 1 capital ratio 17.2 17.5 -0.3 p.p. 16.7 +0.5 p.p.

(1) Net interest margin = Net interest income in the last 4 quarters / Average interest-bearing assets in the last 4 quarters (formula consistent with the one applied in the PKO Bank Polski Group Directors’ Report). 38 SUPPLEMENTARY INFORMATION Key operational data

PKO Bank Polski operating data (eop) 4Q18 1Q19 2Q19 3Q19 4Q19 y/y q/q

(1) Current accounts ('000) 7 697 7 779 7 851 7 953 8 012 +4.1% +0.7% Banking cards ('000) 8 893 8 994 9 084 9 210 9 283 +4.4% +0.8% of which: credit cards 932 942 954 968 981 +5.3% +1.3% Active mobile banking applications IKO ('000) 3 120 3 364 3 601 3 952 4 210 +34.9% +6.5%

Branches: 1 155 1 145 1 132 1 121 1 115 -3.5% -0.5% - retail 1 113 1 103 1 090 1 079 1 073 -3.6% -0.6% - corporate 42 42 42 42 42 0.0% 0.0% Agencies 577 557 535 530 538 -6.8% +1.5% ATMs 3 133 3 104 3 106 3 089 3 080 -1.7% -0.3% Employment eop (FTEs '000) Group 27.9 27.9 28.1 27.8 27.7 -0.5% -0.5%

• The number of active IKO applications has increased by over 1 million y/y • Employment lowered by 150 full-time employees y/y, despite the acquisition of the PCM leasing company (250 full-time employees) 39 (1) Since 3Q19, the Bank changed its rules for qualifying current accounts. According to the new, simpler criteria, the Bank reports all active accounts it deems as having potential for further cooperation with the customers. SUPPLEMENTARY INFORMATION Profit and loss account of the PKO Bank Polski Group

Profit and loss account (PLN million) 4Q18 1Q19 2Q19 3Q19 4Q19 y/y q/q

Net interest income 2 480 2 455 2 538 2 662 2 624 +5.8% -1.4% Net fee and commission income 771 746 760 770 771 0.0% +0.1% Other income 215 293 441 253 357 +66.0% +41.1% Dividend income - - 12 1 1 x x Trading income (15) 77 66 49 128 x +161.2% Net foreign exchange gains 144 140 105 115 113 -21.5% -1.7% Net other operating income and expense 86 81 258 88 115 +33.7% +30.7% Total income items 3 466 3 494 3 739 3 685 3 752 +8.3% +1.8% Net impairment allowance and write-offs (413) (332) (322) (294) (313) -24.2% +6.5% Cost of credit risk of FX mortgages - (5) - - (446) x x Total operating expenses (1 447) (1 685) (1 442) (1 470) (1 551) +7.2% +5.5% result on regulatory charges (96) (359) (59) (59) (60) -37.5% +1.7% Tax on certain financial institutions (251) (248) (255) (261) (258) +2.8% -1.1%

Share in net profit (losses) of associates and jointly controlled entities 15 5 9 9 8 -46.7% -11.1%

Profit before income tax 1 370 1 234 1 729 1 669 1 187 -13.4% -28.9% Income tax expense (362) (373) (511) (440) (463) +27.9% +5.2% Net profit attributable to non-controlling shareholders (1) (1) 1 - 1 x x Net profit attributable to the parent company 1 009 862 1 217 1 229 723 -28.3% -41.2%

40 SUPPLEMENTARY INFORMATION Balance sheet of the PKO Bank Polski Group

Assets (PLN billion) 4Q18 1Q19 2Q19 3Q19 4Q19 y/y q/q

Cash and balances with the Central Bank 22.9 15.4 12.9 13.3 14.7 -36.0% +10.8%

Amounts due from other banks 7.7 6.2 3.3 3.9 4.1 -46.6% +6.0%

Derivative instruments 2.6 2.9 3.2 3.9 3.4 +34.1% -11.7%

Securities 48.5 54.5 56.1 60.3 65.6 +35.3% +8.8%

Net customer financing 230.4 232.7 238.0 244.6 245.3 +6.4% +0.3%

Tangible fixed assets 2.9 3.7 4.5 4.4 4.4 +51.6% +1.1%

Other assets 9.2 10.4 11.0 11.3 10.5 +13.8% -7.1%

TOTAL ASSETS 324.3 325.8 329.0 341.6 348.0 +7.3% +1.9%

Liabilities and equity (PLN billion) 4Q18 1Q19 2Q19 3Q19 4Q19 y/y q/q

Total equity 39.1 39.7 39.6 41.0 41.6 +6.3% +1.3% Amounts due to the central bank and due to banks 2.0 2.8 3.1 2.1 2.9 +43.7% +36.1% Derivative financial instruments 3.1 3.4 3.7 4.1 3.5 +12.4% -13.3% Amounts due to customers 242.8 239.6 240.4 251.3 258.2 +6.3% +2.8% Liabilities of insurance activities 1.3 1.4 1.5 1.6 1.6 +26.9% +4.7% Subordinated liabilities and debt securities in issue 31.4 32.5 32.4 35.1 33.9 +8.0% -3.4% Other liabilities 4.6 6.5 8.3 6.5 6.4 +39.5% -1.6% TOTAL EQUITY AND LIABILITIES 324.3 325.8 329.0 341.6 348.0 +7.3% +1.9%

41 SUPPLEMENTARY INFORMATION Customer financing

4Q18 1Q19 2Q19 3Q19 4Q19 y/y q/q PLN billion Financing 223.1 226.2 231.2 237.0 237.6 +6.5% +0.3% mortgages 108.5 109.8 111.1 114.1 114.2 +5.3% +0.1%

PLN mortgages 82.0 83.6 85.7 87.9 89.7 +9.5% +2.1%

FX mortgages 26.5 26.2 25.5 26.2 24.5 -7.7% -6.6% consumer loans 28.2 28.7 29.9 30.5 31.1 +10.2% +1.9% SME 31.1 32.0 33.4 33.6 33.2 +6.7% -1.2% corporate 55.2 55.8 56.7 58.7 59.0 +6.9% +0.5% Debt securities 15.6 14.9 15.1 15.4 14.9 -4.3% -2.9% municipal bonds 9.4 9.4 10.0 9.9 9.8 +4.9% -0.5% corporate bonds 6.3 5.6 5.1 5.5 5.1 -18.0% -7.1% Gross customer financing 238.7 241.2 246.3 252.3 252.5 +5.8% +0.1% Net allowances for expected losses -8.2 -8.5 -8.3 -7.8 -7.2 -12.0% -6.9% Net customer financing 230.4 232.6 238.0 244.6 245.3 +6.4% +0.3%

42 SUPPLEMENTARY INFORMATION Customer savings

4Q18 1Q19 2Q19 3Q19 4Q19 y/y q/q PLN billion Retail and 207.7 214.4 218.2 224.4 232.8 +12.1% +3.7% deposits 155.1 161.0 164.0 168.2 174.1 +12.3% +3.5% retail mutual funds 33.5 33.2 32.7 32.2 32.1 -4.0% -0.1% saving treasury bonds 19.1 20.1 21.5 24.0 26.6 +39.0% +10.7% Corporate 55.1 48.5 45.9 50.6 49.9 -9.3% -1.4% SME 26.8 25.7 26.4 28.4 30.5 +13.7% +7.1% Customer savings 289.5 288.6 290.5 303.5 313.2 +8.2% +3.2%

43 SUPPLEMENTARY INFORMATION Shares and rating

Basic information on shares Shareholders structure Listed: since 10.11.2004. (number of shares: 1 250 mn) Indices: WIG, WIG20, WIG30, WIG Banki WIG-ESG [%] FTSE Russell, Stoxx 600 ISIN: PLPKO0000016 Bloomberg: PKO PW State Treasury 29.43% Reuters: PKOB WA Aviva OFE* 40.13% Nationale-Nederlanden OFE* Other OFE* 7.04% BGK** 1.96% 7.56% Others 13.88%

* Aviva, Nationale Nederlanden and other pension funds: data as of end-2019 ** Bank Gospodarstwa Krajowego (Polish special purpose government bank)

Rating ESG Rating

Rating: Long-term Rating: ESG Rating (environmental, Agency: Deposits Liabilities Counterparty risk Agency: social, governance) A2 with stable outlook A3 with stable outlook A2 FTSE Russell 3.3

Short-term 24.0/100 Moody's Sustainalytics Deposits Liabilities Counterparty risk Medium risk P-1 (P)P-2 P-1 MSCI BBB 44 Disclaimer

This presentation (the ”Presentation”) has been prepared by Powszechna Kasa Oszczędności Bank Polski S.A. (”PKO Bank Polski S.A.”, ”Bank”) solely for use by its clients and shareholders or analysts and should not be treated as a part of any an invitation or offer to sell any securities, invest or deal in or a solicitation of an offer to purchase any securities or recommendation to conclude any transaction, in particular with respect to securities of PKO Bank Polski S.A. The information contained in this Presentation is derived from publicly available sources which Bank believes are reliable, but PKO Bank Polski SA does not make any representation as to its accuracy or completeness. PKO Bank Polski SA shall not be liable for the consequences of any decision made based on information included in this Presentation. The information contained in this Presentation has not been independently verified and is, in any case, subject to changes and modifications. PKO Bank Polski SA’s disclosure of the data included in this Presentation is not a breach of law for listed companies, in particular for companies listed on the Warsaw Stock Exchange. The information provided herein was included in current or periodic reports published by PKO Bank Polski SA or is additional information that is not required to be reported by Bank as a public company. In no event may the content of this Presentation be construed as any type of explicit or implicit representation or warranty made by PKO Bank Polski SA or, its representatives. Likewise, neither PKO Bank Polski SA nor any of its representatives shall be liable in any respect whatsoever (whether in negligence or otherwise) for any loss or damage that may arise from the use of this Presentation or of any information contained herein or otherwise arising in connection with this Presentation. PKO Bank Polski SA does not undertake to publish any updates, modifications or revisions of the information, data or statements contained herein should there be any change in the strategy or intentions of PKO Bank Polski SA, or should facts or events occur that affect PKO BP SA’s strategy or intentions, unless such reporting obligations arises under the applicable laws and regulations. This Presentation contains certain market information relating to the banking sector in Poland, including information on the market share of certain banks and PKO Bank Polski SA. Unless attributed exclusively to another source, such market information has been calculated based on data provided by third party sources identified herein and includes estimates, assessments, adjustments and judgments that are based on PKO Bank Polski SA’s experience and familiarity with the sector in which PKO Bank Polski SA operates. Because such market information has been prepared in part based upon estimates, assessments, adjustments and judgments and not verified by an independent third party, such market information is, unless otherwise attributed to a third party source, to a certain degree subjective. While it is believed that such estimates, assessments, adjustments and judgments are reasonable and that the market information prepared is appropriately reflective of the sector and the markets in which PKO Bank Polski SA operates, there is no assurance that such estimates, assessments and judgments are the most appropriate for making determinations relating to market information or that market information prepared by other sources will not differ materially from the market information included herein. PKO Bank Polski SA hereby informs persons viewing this Presentation that the only source of reliable data describing PKO Bank Polski SA’s financial results, forecasts, events or indexes are current or periodic reports submitted by PKO Bank Polski SA in satisfaction of its disclosure obligation under Polish law. Any differences in total balances, percentages and growth rates result from rounding the amounts to PLN million and rounding percentages to one decimal place.

45 Contact details Investor Relations Marcin Jabłczyński Migdałowa 4 02-796 Warsaw

Tel: +48 22 778 86 05 E-mail: [email protected] E-mail: [email protected]

PKO Bank Polski IR website: www.pkobp.pl/investor-relations/

Investor’s calendar 6 May 2020 Publication of the Quarterly 1Q 2020 Report 5 August 2020 Publication of the 1H 2020 Report 4 November 2020 Publication of the Quarterly 3Q 2020 Report

46